Do you work for a large company that uses multiple payment systems in order to receive payment from your clients, or to pay out your employees for their work? Maybe you have recently started a small business doing something that you love, and you want to make it as easy as possible for people to pay you for your service or product? Perhaps you have lost business in the past because your payment solutions were not up-to-date, and you have now vowed to never let that happen again? If this sounds like you, then keep on reading to learn more. This article will break down some of the top payment solutions that every business owner should know about. You want to make the payment process as simple as possible for your customers so that they keep coming back for more.
Cash
There is a saying in the retail world that ‘cash is king’. This might have been true in the early 21st century, but in modern times we have seen a shift away from cash payment. This is particularly true for the last 2 years, during which we have seen a massive shift to contactless payment systems to accommodate for restrictions to prevent the spread of the coronavirus. The pandemic has really shaken up the cash payment system, but it does not mean that you are unable to use cash to pay if that is still your preferred method. Some people do not like to use credit or debit to pay for products and services, so it is important to be able to accommodate these preferences as a business owner or vendor.
Debit
Ever since the start of the pandemic, businesses have been encouraging more customers to use contactless forms of payment, such as debit. Many debit cards now offer a tap function, which means no more inserting your card in order to pay. This is extremely convenient for online businesses too since you can easily accept and send money through debit online and in person.
Portable
If you are a small business owner or an independent contractor, then there is a very high chance that you have struggled in the past to make sure that you have a portable payment solution that is easy to use, and versatile for the customer’s needs. Just a decade or two ago, it was almost unheard of to be able to pay somebody with a phone attachment. Many vendors at farmer’s markets and craft shows are now beginning to use portable payment methods that allow you to pay without cash wherever you are. If you are selling some kind of product, you might want to get a payment system and a paper printer in order to allow you to provide your customers with a receipt after making a purchase. This can make things like returns much easier, and you will still be able to send an electronic receipt to those who would prefer a paperless transaction.
E-Transfer
If you have ever splurged on some food or drinks at a bar with your friends, then you have probably sent an e transfer at some point in order to cover your half of the bill. E Transfers are a legitimate way to receive payment for goods or services as well, and can often be seen in use for individual contractors. These transfers usually require an email address or phone number in order to receive the transfer, which is then accepted using your bank login details.
Pre-Paid
Another thing that many companies like to do to accept payment is to give the customer incentives to pre-pay for a product or service. This is often seen in the video game world, where customers will prepay for video games in order to receive extra perks in-game.
After checking out some of the helpful tips and tricks included in this article, the hope is that you have found some of the top payment solutions that every business owner should know about. There is nothing worse than wanting to purchase a product or service from a business, only to find that their payment solutions are not conducive to a quick sale. This can cause huge problems with your business, and lead to a huge decline in repeat customers. If you want to have a product or service that people will keep coming back to, then you need to ensure that every part of the transaction is enjoyable for the customer and that there are no unneeded hurdles for them to overcome along the way. This article only discusses a few of the options for payment solutions, so be sure to check out some other resources in order to continue learning.